The Future of Financial Markets: The Youth Outlook for 2030
4 September 2021
Knowledge-intensive startups will help boost economic growth
Universities are the optimal places for establishing such knowledge-intensive initiatives [startups – ed.]. <...> And since we have hundreds of universities, there is the potential for thousands and tens of thousands of initiatives to be created there. On the one hand, universities have substantial technological resources, and on the other, they are infused with the energy of youth. <...> Of course, in order to achieve this, the right infrastructure and specific financial tools should be put in place. <...> A great deal has already been done — Anton Gopka, Dean of the Faculty of Technological Management and Innovation, National Research University ITMO.
A person’s digital footprint has a bearing on their reputation and financial status
Digital footprints are our future. Our future depends on these digital footprints. Why is this important in finance? Because finance first of all loves trust and integrity. If there is integrity in a person’s digital footprint, there will be integrity in their finances — Artem Sychev, First Deputy Director, Information Security Department, Bank of Russia.
This topic [digital hygiene – ed.] will remain on the agenda for a very long time to come. Our young people must learn to separate the wheat from the chaff, and be able to identify what is fake and what is not – and not only in finance. And only then will they be able to make informed decisions — Alexey Mostovshchikov, Chairman, Expert Council on Economics and Entrepreneurship, Youth Parliament of the State Duma of the Russian Federation.
Financial literacy is a fundamental skill which is indispensable to entrepreneurs
Across the world, adolescents want more and more to learn about financial literacy. Naturally, they want to know what entrepreneurship is all about, and want to take control of their lives, their finances, and all related processes — Veniamin Kaganov, Director, Financial Literacy Development Association.
Financial literacy is – particularly among young people – a foundation of sorts, upon which specific trends are already taking root and growing. These include the development of youth entrepreneurship, self-employment, and, for that matter, investment in various institutions — Artyom Androsov, Chairman of the Federal Committee on Youth Entrepreneurship, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses OPORA RUSSIA.
Digital services are providing regulators with more monitoring opportunities
As technology develops, as digital financial services develop, all of us will of course realize that there will be a tightening of responsibility and monitoring. The state will find it much easier to track various transactions, various dubious practices. Sometimes, even young people will be drawn into them unsuspectingly, which could in turn leave them liable. In this respect, I implore young people to <...> approve each step with a lawyer or think through things themselves and read up on the topic — Alexey Mostovshchikov, Chairman, Expert Council on Economics and Entrepreneurship, Youth Parliament of the State Duma of the Russian Federation.
A low level of financial literacy among young people
Very poor financial statistics and a poor understanding in general of the financial aspects surrounding a project make up one of the biggest headaches for us. Basically, the ideas are there. The issue is that almost no-one is capable of working out economic matters, and even speaking in the language of figures is very difficult — Artyom Androsov, Chairman of the Federal Committee on Youth Entrepreneurship, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses OPORA RUSSIA.
Around 80% of those who took our survey said they found it difficult to process financial and digital jargon. Above all, the biggest difficulty came from terminology related to financial fraud — Kristina Zabolotskaya, President, Youth Financial League.
Very few funding options for startups
A lack of financial literacy and a lack of trust are creating a situation whereby we are unable to offer a large number of tools. And yet, 2.7 million people have already registered as self employed, and there are virtually no ready-made tools for them. Most regions were very quick to offer microloans via the state system. But again, this is not a market tool, it’s a selective one. And this is a major challenge – <...> getting these people access to financial resources in order to grow — Artyom Androsov, Chairman of the Federal Committee on Youth Entrepreneurship, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses OPORA RUSSIA.
A major segment in tomorrow’s financial market will consist of startups and investment in startups. <...> This is a very complex process, and it’s a process that is currently not transparent — Anna Krovyakova, President, Investments and Regions Foundation for Regional Economic Development.
Unlocking students’ entrepreneurial potential
Everything begins with education, and the education sector must provide a space for a pool of knowledge-intensive initiatives to compete. In order for this to happen, there needs to be an overhaul of the education sector. It needs to be primarily focused on initiatives, and on unlocking the potential that exists in universities — Anton Gopka, Dean of the Faculty of Technological Management and Innovation, National Research University ITMO.
Raising financial literacy, while touching upon copyright, intellectual property, and patents
This concept [of financial literacy – ed.] is much wider. It’s not just about knowing your taxpayer identification number and understanding conformance when taking out a loan and so on. It’s also about understanding your potential and the opportunities which are available to you. And intellectual property is an area of huge potential. <...> It is an area which needs to be treated with seriousness, respect, and in such a way that enables us and the next generation to capitalize on it. <...> This is about knowing how you can exploit your potential, what opportunities are available to you, and what the results of your intellectual work will be — Anna Krovyakova, President, Investments and Regions Foundation for Regional Economic Development.
Encouraging digital hygiene as a way of protecting oneself from fraudsters and other threats
Read books, scrutinize contracts, and think about the consequences. And most importantly, don’t publish all kinds of rubbish – pardon the expression – about yourself on the internet. If we do this, our financial future looks bright — Artem Sychev, First Deputy Director, Information Security Department, Bank of Russia.
In terms of adopting laws, we will never be able to keep up with the development of various services, digitalization, and fraudulent practices. We need to focus on prevention, on enlightenment, on education — Alexey Mostovshchikov, Chairman, Expert Council on Economics and Entrepreneurship, Youth Parliament of the State Duma of the Russian Federation.